June North Okanagan Real Estate Report 2024
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Mortgage Update January 2022

Chris Holm & Associates

We want you to know that our team is unique in the way we chose to approach real estate here in the North Okanagan.  We are a true real estate co...

We want you to know that our team is unique in the way we chose to approach real estate here in the North Okanagan.  We are a true real estate co...

Jan 18 2 minutes read

With risk appetites of lenders changing,

 it may seem like your lender is asking for every financial document under the sun. Rest assured; a great financial institution reviews your unique financial situation to ensure you can afford the property you plan to purchase. You can expect a lender to ask you for the following paperwork to establish your affordability;

✅ Identification – confirmation you are who you say you are.

✅ Proof of income – Common income confirmation documents include Notice of Assessments, T4 slips, pay stubs, or a signed letter from your employer. Income confirmation will vary depending on whether you’re self-employed, paid salary versus hourly wages, or a commissioned-style employee.

✅ Bank account and investment statements – often used to confirm down payment funds, income deposits, and proof of invested assets.

✅ Debt Figures – your lender will review with you any vehicle loans, credit cards, lines of credit, or other monthly obligations you have that need to be factored into your debt ratio with the new mortgage payments.

Additional documents may be requested from your lender to validate your credibility, capacity, and income. Being prepared for your mortgage application with the above documents will ensure a smooth mortgage pre-approval and will set you up for home buying success!

Looking to start the process?

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